As The Woodlands reaches closer to build-out, home values in the area are increasing at a steady pace as demand for remaining space builds, according to local real estate experts.

“Right now there’s a lot of demand for luxury homes in The Woodlands but not a lot of residential development opportunities left,” said Robert Montes, a Realtor with Kathy Montes Realtor.

Home values have increased in The Woodlands in the past few years, with the number of homes ranging from $500,000-$999,999 increasing in value by 108.2 percent from 2011-16, according to U.S. Census data.

The Woodlands is not alone in rising home values. The nearby city of Shenandoah has seen home values rise by more than 45 percent since 2011.

As home prices rises, area incomes have as well, although not at the same rate. Out of the 39,307 households in The Woodlands in 2016, about 21,095 households had an income of $100,000 or higher—the median income for residents of The Woodlands. This marks a 14.6 percent increase from 2011.

Montes said while home prices are rising nationwide and the wages of homeowners have not caught up, he believes this has not yet caused an affordability issue for homeowners in The Woodlands.

“Fifty percent of homeowners in The Woodlands have an income of $150,000 or more,” Montes said. “That’s a very high number compared to nationwide incomes. It’s not really a market for first-time homebuyers.”

Montes said home prices will likely continue to surge as there is little remaining room left to develop new communities in the area. As of 2017, The Woodlands Development Company estimates the average sale price for a home in the area is $530,000, a 99 percent increase from 2011.